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Sonic R. System

  • #12,801
  • Jun 10, 2010 1:32pm Jun 10, 2010 1:32pm
Hi everyone,

excellent thread!! Sorry if this may sound a little basic, but could someone point me in the direction of how you guys are setting up your fib tool for MT4?

Much appreciated, thank you.

Nick
  • #12,802
  • Jun 10, 2010 1:58pm Jun 10, 2010 1:58pm
Quoting nick2112
Hi everyone,

excellent thread!! Sorry if this may sound a little basic, but could someone point me in the direction of how you guys are setting up your fib tool for MT4?

Much appreciated, thank you.

Nick
MT4 allows user to change/add/delete levels of both the FR and FE tool. You can tweak the studies as you see fit, perhaps using levels you see in charts posted here. Should you ever want to go back to the platform default settings there is a 'button' in the settings window that does this.
  • #12,803
  • Jun 10, 2010 2:46pm Jun 10, 2010 2:46pm
EU Watch:

Looks like PA dies on the vine as day winds down. When tomorrow kicks off with the Asian session, I will look to see if just one more time these traders attempt to build larger their long positions by initiating another dive. I am considering one more add should PA be torpedoed to at least the FR 62% level (see attached M30 chart). And I am eyeing the FR expansion 162% level as the target for tomorrow, which will be near within the normal day range if PA closes today around RgH.
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  • #12,804
  • Jun 10, 2010 3:07pm Jun 10, 2010 3:07pm
EU Watch, Long Trade Update:

As the price was just being driven back up, I decided to close 1/4 of the trade for 98 pips profit. It is logical that the asian traders might initiate a drive back down to add more longs to their positions. If they do, then I can add back this 1/4 at a lower price. If they don't, most of the trade is still running and there is not much distance left to reach TP1.
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  • #12,805
  • Edited 7:03pm Jun 10, 2010 6:07pm | Edited 7:03pm
Quoting MrJ
Hello,

Did anybody take CHF/JPY like in attachement?

Can anybody explain why this entry was bad?

Attachment
I can't find where you have placed the controlling points of your FE tool....mine does not agree with yours....but I'll try to answer.

Your EP (yellow) is correct. Yes, there was increasing activity on the move down that created EP, as well as on the subsequent move down where, presumably, you entered the short trade setup. And this was all during approved trading hours. The only wrong element was the H/L sequence (black) where there was a HH instead of a LH.

The trade went for less than 20 pips. But don't feel bad. Look what happened next. There was a good sequence of higher H/Ls (blue violet), and good activity too. But the long trade still went for less than 30 pips beyond the EP (yellow)!

Sometimes, when we think a setup looks good, all we get is continued ranging. It just happens sometimes. If you are still of a mind to trade this pair, take a look at the H4 chart, which has the appearance of 'leveling off', possibly preparing for a trend reversal upwards. At times like this things can be indeterminate. For example, before a breakout upwards, it is logical there might be a whip down first. But, a whip down could breach the lower TL and PA could continue downward! And, on the other hand, an immediate pop up thru the upper TL could just turn out to be a head fake, with PA subsequently going south. All this is to say that perhaps this just needs more time to resolve and start providing better indications of what might be afoot. Meanwhile, maybe there is something out there to focus on that is giving clearer signals on both the M15 and H4 chart.
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  • #12,806
  • Edited 8:10pm Jun 10, 2010 7:26pm | Edited 8:10pm
EU Watch, Long Trade Update:

I just closed another 1/4 of trade. This, and the previous 1/4 closed, together equal the normal size of my trades. Together, based on their averaged cost and their averaged close, they are a trade that netted 110 pips. The original trade that was stopped out, netted 78 pips. I am up 188 pips on the closed trades. And there is still a normal size trade amout running, which is currently up well over 100 pips.

I am watching, waiting to see if there will be another dive, either in the asian or european session, so I can re-enter with some amount. I have moved up the TP, but am keeping the SL where it is in case there is another price dive. Worse case, the running trade will yield 82 pips profit if stopped out. If TP1 is reached, it will yield 285 pips profit.
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  • #12,807
  • Jun 10, 2010 10:52pm Jun 10, 2010 10:52pm
Some quick sweet trades I took
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From the tips to the dips, it's all about the pips
  • #12,808
  • Jun 11, 2010 2:36am Jun 11, 2010 2:36am
Hi,

Thanks for the answer!
Can you point me where can I read more about H/L and etc?

Quote
The only wrong element was the H/L sequence (black) where there was a HH instead of a LH.

And I also have more questions..
1. What is the purpose of inner dragon line?
2. Is it important where correction wave (LH in attachment) end?
I mean below or above the dragon. In attachment LH ends below dragon..

Attached Image
  • #12,809
  • Jun 11, 2010 4:15am Jun 11, 2010 4:15am
Very nice and well managed built position you have there TAH.
I envy you
cut losses short, let profits run.
  • #12,810
  • Edited 10:38am Jun 11, 2010 10:14am | Edited 10:38am
How about this?

Edit: I dont think I waited for the confirmation. I entered on the 5 minute chart when I saw it break and close below the lower wave line. I suppose it was too early of an entry..its working so far but can anyone confirm I was too early entering? I entered on the candle that the left side of the white bar is touching..i guess the 'correct' entry would have been on the open of the last candle on the chart?
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  • #12,811
  • Jun 11, 2010 10:34am Jun 11, 2010 10:34am
The doji on the 15M made me close... +46 pips profit in an hour...not bad
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  • #12,812
  • Jun 11, 2010 10:39am Jun 11, 2010 10:39am
Is this entry ok or too late?

Another few questions, for months now I have been comparing different MT4 charts and they all give different candle feed even on small TF. I know I should not concern myself too much with higher TF and just trade the wave on 15, but do you guys have a common platform on which you agree in case watching for candle patterns on higher TFs? That said due to the discrepancy of my broker's closing and opening of last/first candle of the day my pivots are always off, so I plot them manually after reconciling ActionForex. Is there a way around that problem?

Thank you,
Chantal
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  • #12,813
  • Jun 11, 2010 10:49am Jun 11, 2010 10:49am
Quoting Chantalb
Is this entry ok or too late?

[color=black][font=Verdana]Another few questions, for months now I have been comparing different MT4 charts and they all give different candle feed even on small TF. I know I should not concern myself too much with higher TF and just trade the wave on 15, but do you guys have a common platform on which you agree in case watching for candle patterns on higher TFs? That said due to the discrepancy of my broker's closing and opening of last/first candle of the day my pivots are...
I think your entry should have been here (white line) according to the rules, or maybe a few pips BELOW that white line. Break of the lower wave signals your eyes to watch the chart, but wait for the candle to close below for confirmation. Then enter on the BREAK of the candle that closed below the lower wave line - I am just learning this system so you may want to wait for the experts to reply
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  • #12,814
  • Jun 11, 2010 11:02am Jun 11, 2010 11:02am
Quoting Phonetic
I think your entry should have been here (white line) according to the rules, or maybe a few pips BELOW that white line. Break of the lower wave signals your eyes to watch the chart, but wait for the candle to close below for confirmation. Then enter on the BREAK of the candle that closed below the lower wave line - I am just learning this system so you may want to wait for the experts to reply
Hmmm n I thought I was following the rules, below is how I saw it... But hey thanks for your input
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  • #12,815
  • Jun 11, 2010 11:06am Jun 11, 2010 11:06am
Quoting Chantalb
Hmmm n I thought I was following the rules, below is how I saw it... But hey thanks for your input
maybe its me not following the rules! we need the experts to shed some light
  • #12,816
  • Jun 12, 2010 5:22am Jun 12, 2010 5:22am
Quoting Phonetic
maybe its me not following the rules! we need the experts to shed some light
I hope this will help you a little : Post #9772

Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
  • #12,817
  • Jun 13, 2010 2:36am Jun 13, 2010 2:36am
Hi guys,I have a question for the seniors here.Do we take the 123 setup when its inside the 34emas only?
  • #12,818
  • Jun 13, 2010 6:14pm Jun 13, 2010 6:14pm
EU Watch, Long Trade Update:

Fridays late PA triggered the SL. Geez, then the first of new week the Tokyo session pumped it up to the Bull Flag target! Oh well, it goes that way sometimes. All in all the EU trade was profitable. Even the SL made profit.
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  • #12,819
  • Edited 7:11pm Jun 13, 2010 6:37pm | Edited 7:11pm
Quoting Chantalb
Is this entry ok or too late?

[color=black][font=Verdana]Another few questions, for months now I have been comparing different MT4 charts and they all give different candle feed even on small TF. I know I should not concern myself too much with higher TF and just trade the wave on 15, but do you guys have a common platform on which you agree in case watching for candle patterns on higher TFs? That said due to the discrepancy of my broker's closing and opening of last/first candle of the day my pivots are...
Your entry was not too late regarding PA, but it was too late regarding the time of day. You entered right at the tail end of the approved trading hours. Sometimes it works out. Sometimes it does not. An entry in the London session thru early in the US session tends to be lower risk overall. Nevertheless, your trade was good for 20-30 pips.

Regarding pivots, yes, because different broker server locations (time zones) start the trading day at different hours, pivots will vary. Furthermore, there are "Daily Pivots" as well as "Fibonacci Pivots". I have heard that most traders prefer pivots based on GMT start of day time. The TzPivotsD indy (see post # 9717) will provide pivots based on GMT server time, or set it to any other server time. The last release of the TzPivotsD indicator is version 5, in post: http://www.forexfactory.com/showthre...7271&page=1191
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  • #12,820
  • Jun 13, 2010 7:31pm Jun 13, 2010 7:31pm
EU Watch, Last Comment on My Last Long Trade:

When I left the computer Friday, I set the SL on the platform. Otherwise, it is mental when I man the computer. The SL was generous and below a series of three previous highs and below a significant half number. Nevertheless, PA was later run down to EXACTLY my SL! And, as you can see from the chart, this new week early trading took PA right up to my TP!

I am not saying that if you believe in your trade, you should not use SLs, but using a SL certainly did not work out well in this case. So, why am I posting this comment? To reveal the trials and trbulations of forex trading. Sh_t happens somethimes. There is no point in complaining about it, or wasting time to try and come up with some 'method' to keep it from happening. We live with it and go forward.
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